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What the Economy Foretells for Hotels

Lodging-stock returns mirror certain aspects of macro trends.

Updated Sept. 13, 2007 12:01 a.m. ET

Bear Stearns

GIVEN RECENT INVESTOR CONCERN about the economy, we analyzed lodging-stock returns, and lodging demand and their correlation with various macroeconomic factors and other variables on a quarterly basis since the first quarter of 1990.

While it is intuitive to most investors that a generally improving/deteriorating economic...